Unlike other places of worship in Manhattan that have to sell their air-rights to get by, Trinity Church has been well endowed since it was first chartered more than 300 years ago.
It makes sense. If a founding father [Alexander Hamilton] can get a 21st-century update, so can the church where he is buried. Especially since the church in question is very, very rich.
While many places of worship are warding off developers as they struggle to hold on to their congregations and buildings, Trinity is a big-time developer itself.
The church has always been land-rich. And it has long had its own real estate arm, which controls ground leases and office space rentals in the buildings it owns. But now it finds itself with a newly diversified portfolio worth $6 billion, according to the current rector, the Rev. Dr. William Lupfer.
The Church’s real estate arm has a long history.
By the way, the selling and buying of air-rights is prevalent in Manhattan.
To learn more about the rest of its endowment, listen to Trinity Wall Street’s first Chief Investment Officer on Capital Allocators.
Post by Marcelino Pantoja